Profile picture for Liz Fenley

Recent Market Developments

So. Cal real estate market is undergoing a change currently as inventory begins to build. We are no longer seeing multiple offers on properties as we did a few months ago and buyers have more leverage in the market currently. We are also seeing a stabilization in prices. Prices have ceased to increase and are currently flat. I do not expect to see an increase until next spring and that will depend on how the overall market is doing at that time.  I don't foresee a rise in pricing for anytime in the near future. Buyers will benefit buying at this time with interest rates still low and sellers will benefit if they sell soon before we see an even larger inventory over time which will push prices lower. The exception to the above as always is beach properties. So. Cal beaches are always in high demand and this area defies the normal market. Although we saw a drop in prices months ago as they dropped everywhere due to foreclosure and short sale activity, they are on the rise again. If you are looking for a property in this area get your offer in sooner rather than later. These properties sell quickly and are in high demand. If you are listing keep your price realistic.

  • October 30 2013 - Los Angeles
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (5)

I haven't seen this "trend" as of yet, but I am hoping we do.
We are getting multiple buyers and many offers above asking price.
Real Estate is local, and this reflects West Los Angeles Real Estate and Beach cities to South Bay areas.
  • October 30 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Not only is real estate local it is actually hyper local. The trends in one neighborhood can be different than trends in other neighborhoods in the same city. Homes that are priced to sell will receive multiple offers. Homes priced above the market will sit.
  • November 09 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

As Johnny said the markets are definitely local.  I'm not seeing this in the Bay Area (Alameda or Santa Clara county).  I am seeing overpriced homes sitting longer than usual though it is still common to see a $1MM house in Mountain View get bid up to $2MM.
  • November 19 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I'm not sure why you're posting this, but your message is confusing... 

Specifically, you say the following:

1) "I don't foresee a rise in pricing for anytime in the near future.", and 

2) "Buyers will benefit buying at this time with interest rates still low and sellers will benefit if they sell soon before we see an even larger inventory over time which will push prices lower."

Given your forecast, why are you recommending that Buyers "get their offers in quick"?  Why the hurry when, at best, you don't see a rise in prices and, at worst, are anticipating lower prices?

  • November 19 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The San Fernando Valley, Burbank, and Glendale are still getting multiples.  Over asking if it's priced right.
  • November 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.